Elements of deal – Think big, protect the downside, maximize your options, know your market, use your leverage, enhance your location, get the word out, fight back, deliver the goods, contain the cost & have fun.
U don’t need best location, u need best deal. You can enhance a location through promotion and through psychology.
Experience from fake Oil Company
Listen to your gut, no matter how good something sounds on paper. Second is you are generally better off when you stick with something you know. And third is that sometimes the best investments are the ones you don’t make.
Donald Trump Attribute – At college he used to read FHA foreclosures.
First Deal – Swifton Village. Troubled place, he bought and turnaround the place.
Deal - The Tiffany Deal – Got the building, air zones from adjacent building and the next land adjacent to it.
Deal – The building on the broadwalk – Atlantic City Casino
Management Rule – Hire the best people from competitors; give them more pay and incentive as per performance to make a world class performance.
‘Its not many hours you put in, it’s what you get done while you’re working’.
Join a club where you can make good contacts.
‘I don’t believe you can ever be hurt by buying a good location at a low price’
‘When it comes to a deal, talk to the top person straight, rest of them are employees’.
‘Good Publicity is better than bad publicity and bad publicity is better than no publicity. In short controversy sells’.
Things to do
1. News paper common habit
Separate fund for distressed real estate units
Learnings
1. Distressed assets to be seen carefully.
2. Deal is an art, combine it and make it bigger and artistic. U have won. Ex Swifton deal, Tiffany Deal.
No comments:
Post a Comment